Vendor Selection

We help our clients conduct comprehensive evaluations of potential technology and services partners, leveraging our extensive knowledge base and proven proprietary methodology. Our process ensures clients have the information to make the right choice, and that all stakeholders are invested in that decision.

Experience and Proven Methodology

We have done more than 50 vendor selection projects, including rating, policy administration, claims, billing, agent portals, business intelligence, systems integration partners, and other areas specific to insurers.

Strictly Vendor Independent

While we know the vended solutions in the market better than most consultants because of our research and advisory work with more than 100 insurer clients, we do not offer implementation services or receive any contingent revenues from vendors. Our only objective is to help you pick the right solution.

Knowledge and Processs

We start from our own rich knowledgebase of vendor data, conduct needs analysis interviews with your stakeholders, and gather additional custom information based on client needs. We also manage vendor demo sessions to ensure consistency and completeness.

Facilitating Fair Evaluation

Our proprietary weighted and balanced scorecards ensure that customer team preferences and opinions are reflected appropriately in analysis of RFI responses and demo performances.

Structured Process and Fixed Price

Our process can take as little as 8-12 weeks. We work in small teams and ensure your staff’s valuable time is used effectively. Other than needs analysis and demos, most work is performed offsite. All projects are fixed price.

Novarica Vendor Selection

Ensuring Organizational Investment

Our process not only results in picking the right vendor, but also ensures that all stakeholders are invested in the decision and better understand the scope of the upcoming implementation process.

We used Novarica to assist with an important system replacement project. Their insight into general industry trends, vendor capabilities, and our specific needs was second to none. Not only did Novarica provide excellent insight to our selection process, they engaged key members of our executive team to address specific concerns. We could not have asked for better support.

Step 1: Discovery Interviews and Candidate Vendor Recommendations

We conduct onsite interviews over 2-3 days with key business and IT stakeholders to gain an understanding of your business, technology and organization.
The goal of each stakeholder session is to gain an understanding of the existing business processes, systems, pain points and business goals, as well as your technology needs to support those goals. This process increases stakeholder investment in the decision and project.
Equipped with an understanding of your business and technology requirements, we recommend a list of 3-6 vendors that will be included in the selection process. Our insurance domain knowledge and understanding of the vended solution options results in a rapid recommendation of the best candidate vendors.

Novarica Vendor Selection Steps

Step 2: RFI Creation and Distribution

We draft a simplified RFI accelerating the vendor selection process and allowing your team to focus on what really matters – your unique requirements.
We don’t inventory the ordinary; we focus on your unique requirements that may stretch the capabilities of the vended solutions.
We ask about functions that are supported at different levels by different vendors. We focus on gathering information that will eliminate vendors from consideration. For example:
  • How stable is the organization? Is it big enough for your company to do business with?
  • Who are their clients? How many are in production? Which functions are actually live at reference clients?
We develop the RFI with the review and scoring process in mind, ensuring that each question matters and is structured in a “score-able” manner.
Our scoring methodology includes a weighted, balanced scoring mechanism for scoring. Our approach compensates for individual reviewers’ skill sets and accounts for relative weighting of assessment items.

Step 3: Scripted Demos

We know that vendor meetings involve a significant investment of staff time, including senior executive time, and should be designed to maximize the value of that investment.
We work with you to develop a detailed agenda and scripted scenarios for vendors to follow. The agenda specifies how much time will be spent on each topic area so that different constituencies can get the information most useful to them and not have to sit through unnecessary information.
We provide scorecards that are structured for ease of scoring, capture quantitative scores from each participant, and roll up to final scores for each vendor.
We also discuss qualitative comments and feedback at debriefing meetings.

Step 4: Final Recommendation

Our approach includes formal presentations at the end of each phase and delivers artifacts that document your process and demonstrate due diligence. The final recommendation presentation is delivered to project participants and major stakeholder to:
  • Review the process
  • Review the results and the recommended vendor(s)
  • Recommend next steps